In the long run,what is the most important determinant of a nation's standard of living?

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The most important determinant of a nation's standard of living in the long run is its rate of productivity growth. Productivity growth refers to the increase in output per unit of input (such as labor or capital), which translates into higher incomes for workers and higher profits for firms. A country that can maintain a high rate of productivity growth over time will be able to sustain higher living standards compared to a country that cannot. While natural resources and the ability to export cheap labor may have a temporary impact on a nation's economic growth, they are not the most important determinant in the long run. Control of the money supply is also important for maintaining stable prices and a healthy economy, but it is not the most important factor for long-term growth.

In the Long Run,what Is the Most Important Determinant of a Nation's